§ 36.435. Recordkeeping.
(a) Each appraisal management company shall maintain all of the following records:
(1) A record of each assignment that it has ordered for appraisal of real property located in this Commonwealth, including:
(i) The order between the appraisal management company and the appraiser.
(ii) Each appraisal report received from an appraiser, including the original report, revised reports, and addenda or other materials furnished subsequent to the delivery of the original report.
(iii) Written communications between the appraiser and the appraisal management company and any other entity involved in the transaction.
(iv) The order engaging another appraiser for the purpose of reviewing the appraisal.
(v) A review of the appraisal performed, including any data supporting the selection of the appraisal for review, the original review report, subsequent correspondence between the reviewer and appraisal management company, and each subsequent revised review report.
(vi) Written communications related to obligations under AMCRA or this subchapter between the appraisal management company and its client, including documents supplied to that client.
(vii) A record of fees disbursed to contracted appraisers and the fee received by the appraisal management company from the appraisal management company’s client.
(2) Appraiser fee schedules, including:
(i) Fees paid for a defined service.
(ii) Documentation to support that the fee schedule is customary and reasonable and complies with provisions of TILA that relate to appraisal standards or appraisal management services.
(iii) Payment policies, including time for payment of appraisal fees.
(iv) Effective dates of the schedules.
(3) Panels of appraisers used for assignments in this Commonwealth, including:
(i) The name of each appraiser.
(ii) The appraiser’s certificate number.
(iii) The date the appraiser was placed on the panel.
(iv) The region or area in which the appraiser’s service may be used.
(v) The date and reason for removal, if the appraiser is removed from the panel.
(b) An appraisal management company shall maintain the records in subsection (a)(1) for 5 years beginning on the latest of the following:
(1) The date of final action of the assignment.
(2) The date of final disposition of the proceeding, if the appraisal management company is notified that the transaction is the subject of a court proceeding or an administrative proceeding by the Board.
(c) An appraisal management company shall produce for inspection and copying by the Board within 30 days its books and records, including any record required to be maintained by AMCRA or this subchapter.
Cross References This section cited in 49 Pa. Code § 36.404 (relating to content of application).
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